News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
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New Delhi, January 07, 2015
CX - Adjudicating authority's observation that any physical change in brightness will result in manufacture of 'modified starch' under Ch. Heading 35.05 is devoid of any basis - conjectures cannot be basis for deciding classification: CESTAT
 
New Delhi, January 06, 2015
Central Excise - Whether adjustment of excess payment against short payment has to be allowed on finalisation of Provisional assessment - Matter goes to Third Member of CESTAT
 
Ahmedabad, January 06, 2015
Whether conversion of capital asset such as Floor Space Index into stock-in-trade of business carried out by assessee is to be deemed as 'transfer' u/s 2(47) - NO: HC
 
New Delhi, January 06, 2015
CENVAT - If department levies and collects CX duty on goods removed from factory, they cannot claim, for purpose of allowing CENVAT credit, that process of manufacture had not taken place: CESTAT
 
New Delhi, January 05, 2015
Union Cabinet approves Reserve Price for auction of 800, 900 & 1800 MHz bands
 
Ahmedabad, January 05, 2015
CENVAT credit utilized for payment of ST on GTA under reverse charge - no infirmity: High Court
 
Mumbai, January 05, 2015
Cus - CA issuing false certificate for undisclosed sum & facilitating M/s Elit to import goods under advance authorisation without any BG & which goods were diverted into local market - act of abetting to evade duty attracts penalty: CESTAT
 
Bangalore, January 05, 2015
I-T - Whether when royalty agreement clearly states that no proprietory interest shall be transferred to assessee with respect to any service being rendered by licensor, even then sum paid is to be treated as capital in nature - NO: HC
 
New Delhi, January 05, 2015
CX - Expressing unhappiness in marriage can never be taken to be tantamount to opting for divorce - after having opted for paying duty under Rules 96ZO(3) unless they opted out of compounded levy they could not have paid duty on actual production basis u/s 3A (4): CESTAT
 
Pune, January 04, 2015
Growth in power and other infrastructure Sectors have to be revived, says FM
 
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